Warning ‘no-deal’ could cost UK 500,000 jobs

A no-deal hard Brexit could cost the UK half a million jobs and £50 billion less investment, according to a study.

Research for the mayor of London Sadiq Khan warned of a “lost decade” of significantly lower growth.

The country could have 500,000 fewer jobs in the worst-case scenario and nearly £50bn less investment by 2030.

In London alone, there could be 87,000 fewer jobs and the capital’s economic output could be 2% lower by 2030 than predicted under the status quo, it was warned.

The findings were in an analysis of the potential impact of five different Brexit outcomes on London and the UK, commissioned by the mayor last year from economic analysts Cambridge Econometrics.

Mr Khan said: “The analysis concludes that the harder the Brexit we end up with, the bigger the potential impact on jobs, growth and living standards.”

Mayor of London Sadiq Khan.